Stock Markets February 4, 2026

Madrid equities slip as financials, construction and consumer services weigh on IBEX 35

IBEX 35 ends marginally lower as select telecom and retail names outperform while key financial and tech-related stocks retreat

By Priya Menon TEF IDR SAN
Madrid equities slip as financials, construction and consumer services weigh on IBEX 35
TEF IDR SAN

Spain's benchmark IBEX 35 closed modestly lower, dragged by losses in Financial Services & Real Estate, Building & Construction and Consumer Services sectors. Gains from telecom and retail names partially offset declines, while commodity and currency markets showed mixed movement across gold, crude oil and major FX pairs.

Key Points

  • IBEX 35 closed down 0.09% as Financial Services & Real Estate, Building & Construction and Consumer Services sectors pressured the index.
  • Top gainers included Cellnex Telecom (BME:CLNX), Telefonica (BME:TEF) and Industria de Diseno Textil (BME:ITX); major decliners included Indra A (BME:IDR), Banco Santander (BME:SAN) and Solaria (BME:SLRS).
  • Commodities and currencies showed mixed moves: gold futures edged down, crude and Brent oil rose, EUR/USD and EUR/GBP were largely unchanged, and the US Dollar Index Futures ticked higher.

Spain's equity market finished the trading session with a small decline as sector-specific weakness led the IBEX 35 to close down 0.09% in Madrid. The downward pressure came chiefly from the Financial Services & Real Estate, Building & Construction and Consumer Services sectors, which collectively weighed on the index.

At the close, Cellnex Telecom SA (BME:CLNX) was the session's top performer on the IBEX 35, jumping 6.61% - an increase of 1.72 points - to finish at 27.73. Telefonica (BME:TEF) also recorded strong gains, rising 5.57% or 0.19 points to settle at 3.66. Textile retailer Industria de Diseno Textil SA (BME:ITX) advanced 3.36%, adding 1.84 points to end the day at 56.60.

In contrast, Indra A (BME:IDR) posted the steepest decline among index constituents, falling 5.68% or 2.82 points to close at 46.80. Banco Santander (BME:SAN) slipped 3.48%, down 0.39 points to 10.70, while renewable energy company SOLARIA ENERGIA Y MEDIO AMBIENTE (BME:SLRS) ended the session 3.14% lower, a drop of 0.57 points to 17.60.

Broader market breadth on the Madrid Stock Exchange showed more risers than fallers, with 104 stocks advancing and 88 declining; 19 issues finished unchanged.

Commodities trading delivered a mixed picture. April gold futures eased 0.13%, a decline of 6.45, leaving the contract at 4,928.55 a troy ounce. In energy markets, crude oil for March delivery climbed 0.68% or 0.43 to trade at 63.64 a barrel, while the April Brent contract rose 0.82% or 0.55 to 67.88 a barrel.

Major currency indicators were relatively steady. EUR/USD was effectively unchanged at 1.18, reflecting a 0.08% move, while EUR/GBP also showed minimal variation at 0.86, noted as unchanged at 0.17%. The US Dollar Index Futures registered a modest uptick of 0.17%, trading at 97.47.


Market context note: The session combined selective stock-specific strength among telecom and retail names with sectoral declines in finance, construction and consumer services, contributing to the IBEX 35's narrow loss.

Risks

  • Sector concentration risk as Financial Services & Real Estate, Building & Construction and Consumer Services declines contributed to the market's fall, potentially increasing vulnerability in those sectors.
  • Commodity price volatility evident in mixed moves for gold and crude oil could affect related producers and input costs for multiple industries.
  • Currency and dollar strength - reflected by a higher US Dollar Index Futures reading and steady EUR pairs - may influence exporters and importers, affecting corporate earnings in currency-sensitive sectors.

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